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Yue Yuen posts 16% profit hike in Q1

17
Mar '06

Yue Yuen Industrial (Holdings) Limited, the world's largest manufacturer of branded footwear, has announced its unaudited consolidated results for the three months ended 31st December 2005.

The Hong Kong-based group reported that turnover increased year-on-year by 17.6 percent to $878.0 million and net profit increased by 16.0 percent year-on-year to $85.9 million.

The group reported encouraging results for the period under review in light of sustained sales growth. Total footwear production amounted to 49.5 million pairs, an increase of 6.2 percent compared with the corresponding period of the previous year.

The turnover from wholesales and retail operations in the Greater China region jumped 142 percent to $65.1 million, thanks to blooming domestic consumption in China. By the end of 2005, the group operated over 600 shops/counters in the mainland China. Also, contributing to the results for the period was the increase in share of profits from associates and jointly controlled entities, which bought in $14.6 million compared to $7.4 million in the previous year.

Following a strong performance in the first quarter of FY2006, the group continued to record exciting turnover growth in the first two months of the second quarter of FY2006 (January and February of 2006), with aggregate revenue amounted to $553.2 million, a rise of 18.8 percent year-on-year.

The continued growth in the core manufacturing business as well as the increased contributions from wholesales and retail operations underpinned the Group's operating performance.

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